Banking News

The prospect of record low savings rates continuing is forcing many savers to review how they allocate their capital in an attempt to achieve the level of returns they have previously enjoyed. Investing in the stock market inevitably involves putting your capital at risk however there is a middle ground which continues to attract increasing interest – the structured deposit. With this in mind, we take a deeper look at this savings alternative to help understand why more and more savers are starting to see their appeal. more

With the current economic environment asking savers far more questions than it gives answers, it is good to know that there are alternatives available. We take a look at one such alternative that is proving particularly popular as savers face the harsh reality that the more traditional fixed rate savings products are failing to meet their needs. more

Millions of savers are facing the harsh realisty that there is little hope of change to interest and savings rates in the coming years. However, those with Cash ISAs do have one further option to consider – the ISA transfer. We take a closer look at why this is becoming a rising trend as well as what this could mean for those looking for the potential to improve the returns from their capital. more

With so many savers joining income investors in the hunt for high yields, being able to quickly understand and compare the numerous options available has become even more important. We therefore compare two of our most popular income investments to help understand what is driving their popularity and why they might meet your income needs. more

Banking loyalty costs customers £2.9bn

23 August 2005

Misplaced loyalty to their current account provider is costing banking customers as much as £2.9 billion every year, according to new research.

Figures from Alliance & Leicester Current Accounts indicate that a large proportion of current account holders are sticking with the traditional high street bank they have always used, meaning they are potentially losing out on significant savings.

Almost two-thirds (59 per cent) of the customers surveyed by Alliance & Leicester have held a current account with the same bank for at least a decade, with almost half (42 per cent) of them choosing one of the main high street banks.

Simon Ripton, current accounts manager at Alliance & Leicester, said: "Today's current accounts are not all the same, and most banking customers are not getting the best deal available. There has never been a better time to switch."

With some current accounts offering banking customers a saving of up to £144 compared with those hosted by the traditional major banks, switching allegiances could actually save consumers billions.